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Oh, the lottery trap

Don-At-WorkOh, the lottery trap

By Don Valentine

What if I told you there was a $70 billion tax that the poor pay the most. You would probably say that isn’t very fair. That’s exactly what the lottery is, an almost 12-figure tax on the desperation of the least fortunate.  Notice the affluent and middle class are not obsessed with the lottery.

Their wealth is built on more reliable decisions with their money. Let your family and friends know what a folly getting addicted to the lottery is to get rich.

The Atlantic’s Derek Thompson points out, researchers have found that the bottom third of households buy more than half of all tickets. That means households making less than $28,000 a year are dishing out $450 a year on lotteries.

To be blunt, your chances of winning the lottery anywhere are decidedly slim, the sheer size of the U.S. population and popularity of the game means that American participants must climb an even steeper mountain towards any potential windfall. This was evident for all to see in the formative part of this year, as the nation’s Mega Millions jackpot soared to an unprecedented $656 million after being unclaimed for several weeks. When the first winner was announced at the end of March, an estimated 1.5 billion tickets had been sold nationwide. Enjoy the whim of the lottery, but in an infrequent usage.

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